Econ 102 final exam - Study guides, Class notes & Summaries

ECON 102 Final Exam with Complete Solutions and Answers 100% Solved How do firms max their profit ️️Economic Profit/Total Profit(Max) cost of production depends on ️️how much workers produce -efficiency firms face costs because ️️resources they need to produce their products are scarce and have alternative uses. Process is costly to pay for resources economic costs ️️the payment that must be made to obtain and retain the services of a resource -The total opportunity c...

ECON 102 Final Exam with Complete Solutions 100% Verified differentiate microeconomics and macroeconomics ️️microeconomics focuses on how decisions are made by individuals and firms and the consequences of those choices macroeconomics examines the aggregate behaviour of the economy, i.e how the actions of all individuals and firms interact to produce a particular level of overall economic performance - behaviour as a whole has a larger impact compared to the sum of individual action...

Econ 102 Final Exam: Questions With Solutions (100%)

Econ 102 Final Exam ISU Questions and Answers 100% Solved Economics ️️a social science that seeks to understand how humans make decisions in the face of scarcity Scarcity ️️One word- Limits factors of production ️️land, labor, capital Division and specialization of labor ️️the process in which workers select specialized tasks to make a product Specialization ️️when workers or firms focus on particular tasks for which they are wellsuited within the overall producti...

ECON 102 Final Exam: Questions AND Correct Answers

ECON 102 Final Exam(Topics 7-14) Questions and Answers 100% Solved What is a private good? ️️A good that is excludable and a rival What does it mean for something to be excludable? ️️It means the good must be purchased before use What does it mean for something to be a rival? ️️It means the good cannot be enjoyed by more than one person at the same time What type of good is pizza? ️️Private good What is a public good? ️️A good that is non-excludable and non-rival ...

What is Fiscal Policy? - changes in government taxes and spending that affect the level of GDP How does fiscal policy shift aggregate demand to the right? - 1. increases in government spending 2. decreases in taxes How does fiscal policy shift aggregate demand to the left? - 1. Decrease government spending 2. Increase taxes Expansionary polices - government polices that increase aggregate demand Contractionary polices - government polices that decrease aggregate demand When should the gov...

Economics → study of how people and societies use limited resources to satisfy unlimited wants; the management of scarcity and choice Resources → 1. Land: anything provided by nature → 2. Labor: Mental and physical efforts of humans → 3. Capitol: anything that is provided which in turn is used to produce other goods and services Microeconomics → The study of decision making undertaken by individual economic agents (households, firms) Macroeconomics → The study of the e...

Econ 102: Microeconomics Final Exam Review: Dr. Kagundu, Penn State University,